So, students are requesting ICAI, one of the most prestigious Indian institutes which churns out CAs each year to amend Regulation 39(4). So, what is this law or regulation which the students are protesting about? The answer is interesting!
For several decades, we have been hearing that CA is a very prestigious exam in India and in order to retain that prestige, the institute only clears the most meritorious of the meritorious or creamiest among the creamiest in the ICAI exam.
But with increasing competition in all areas, it has become increasingly difficult over the years because becoming a bright student isn't as difficult today as it was in the 70s or 80s, so the institute needs a control mechanism to actually control their passing percentage - in other words, a mechanism that allows them some leeway to grade an answer irrespective of whether it is factually correct or not. And Regulation 39(4) is exactly that controlling mechanism!
>> It means that while the student can demand a re-totalling of marks in his answer paper copy, he or she cannot expect the ICAI to examine the merit of not awarding marks for a particular answer.
If this regulation goes, the ICAI might loose this extra control mechanism to arbitrarily pass or fail a student and thus the passing percentage (which they think is important for maintaining the CA prestige). From the student's perspective, this is of course quite wrong and this debate has been ongoing since several years.
However, one can also see how important it could be for the institute to maintain its quality or prestige (a bit like IIMs and IITs do to some extent). For exactly this reason, you'll see many practicing CAs and even CA enthusiasts advocating for this strict control but those who failed the exam at the border-line will cry and complain about it a lot!
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